loday22 asked:
I listed my car for sale, and have a buyer that is very interested. I had informed the buyer that I still have a loan on the car, and later the buyer came back and told me his bank would pay off my car loan, and whatever the difference is, the bank will cut me a check. The buyer said he will be leasing this car through his bank, but I had never heard of a used car private party lease. I want to know if this is something legit.
I listed my car for sale, and have a buyer that is very interested. I had informed the buyer that I still have a loan on the car, and later the buyer came back and told me his bank would pay off my car loan, and whatever the difference is, the bank will cut me a check. The buyer said he will be leasing this car through his bank, but I had never heard of a used car private party lease. I want to know if this is something legit.
no, your not a dealership
Sell the car. Don’t even try it.
It’s legit and really shouldn’t concern you anyway. used cars are leased all the time…
it sounds like a fraud to me.. is it over the internet?? if it is i would be more concerned..
no , but if he brings you cash ok. no checks of any kind
He is not leasing the car from you, he is leasing it from his bank. You are getting all the money (less the amount that is still owed to your bank).
Provided you get your money it doesnt matter what his bank decide to do after that. Just make sure when you sell it you both sign a contract declaring the final price and declare how much of that is still owing. Make sure you check his ID fully, even take copies of his driver license, etc. Do that and you are covered no matter what happens. Oh…just make sure he signs something stating he received the vehicle from you too.
Find another buyer
Tell him you want to verify the arrangements with the dealer first. See what happens.
sell it to someone with CA$H !
it could be legit. but personaly i wouldnt do it
just look for another buyer. because its better to be safe and b out of money for mayb a week or 2 (mayb longer) then b out of money and out of a car.
Here’s the deal. Banks are able to pay off your loan and give you a check for the difference. It happened to me just last month. That’s okay. That’s legit.
Now, after you have signed off the title to the new owner and after the check has changed hands to you, your legal obligations are over. Whatever he does with his bank is his problem.
Make sure you have a Bill of Sale (can be downloaded from your state’s DMV website). This shows that the buyer purchased the car from you.
Once the title is signed over, ask for a Notary. In some states, title signatures do not require Notary, so it’s okay if they don’t do it. However, ask the bank to make a copy of the signed title for you.
Make a copy of the bill of sale. You will submit the original to the DMV.
You should be protected by these documents even if the bank is leasing the vehicle back to this buyer.
I have been in the car business or many years and I believe anything now days. Before I would sign over the title on any vehicle I would make sure the bank did in fact pay off the the note holder on the car. This only takes a call from you to affirm that the car has paid them off and for sure make sure that you have your check (not a personal check but a bank draft) also. It makes no difference to you how he pays for it as long as he pays for it. You simply tell him as soon as the note holder tells you that they have been paid then you will release the car. Good luck and be careful. I was concerned that he wanted you to act as the leasing agent and if that were the case I would tell you to continue to try to sell your car.
This does not sound right, but what do you care what his arrangements are with his bank as long as you get the check?
Protect yourself first, especially if you still owe money on this car.
Go back to this person and ask who the bank is. Tell him if the bank is going to cut you a check, you need to verify the funds. If the deal is legitimate he won’t mind telling you. And, I would verify the funds when you receive this check before you give up your car to this person.
1. Ask him to meet you at this bank to transact the deal.
2. You could give him a receipt and a statement signed by you stating that he will receive delivery of the car once the funds clear.
3. Have this paper notarized. (Banks usually have a Notary Public available.) They stamp and sign your paperwork, you both sign, you get the check, and when the funds clear he gets the car.
4. This paperwork should satisfy him, because it lets him know that if you don’t deliver the car once the funds are cleared, he can take you to court.
5. Every one is protected until the deal is done.
It looks like a scam.
Look, if you have a loan on the car this car is not all yours, the bank can repo it if you don’t pay/
What happen if he stops paying?
Stay away. Finish paying the car and sell it.